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Webull posted record second-quarter 2026 revenue of $198 million, up 51% year-over-year, with equities and options trading generating $112 million, or 56% of the total. Cryptocurrency trading contributed just $2.25 million, slightly more than 1% of revenue. President Anthony Michael Denier said he sees improving conditions in the crypto business and confirmed the company is gradually rolling out crypto deposit and withdrawal features. The results beat analyst consensus of $194.5 million, sending shares up 8.9% on Wednesday and nearly 15% in pre-market trading Thursday. By comparison, Robinhood reported record quarterly results but saw crypto transaction revenue fall 38% year-over-year to $100 million.
Key Elements
Webull reported record quarterly revenue of $198 million for the second quarter of 2026, a 51% jump from a year earlier, driven overwhelmingly by its core equities and options trading business. Cryptocurrency trading contributed just $2.25 million, or slightly more than 1% of total revenue, underscoring how marginal the digital asset segment remains for the online brokerage even as executives signal optimism about its trajectory.
The results, released Wednesday, slightly beat Wall Street consensus of $194.5 million, according to analyst estimates compiled by Yahoo Finance. Shares responded sharply, climbing 8.9% on Wednesday and extending gains to nearly 15% in pre-market trading Thursday, with the stock changing hands at $9.98 as of 10:37 am UTC.
Equities and options trading generated $112 million for the quarter, accounting for roughly 56% of total revenue and serving as the primary engine of the company’s growth. The remaining revenue came from other business lines, including margin lending, cash management, and the nascent crypto operation.
Crypto Segment Shows Early Signs of Turnaround
Despite crypto’s small contribution to the top line, Webull President and Director Anthony Michael Denier struck a notably upbeat tone about the segment during Wednesday’s earnings call. “For the first time, probably in the last nine months, I am starting to see the clouds start to part in the crypto business, and that is a very positive thing,” Denier said. He added that the company is gradually rolling out crypto deposit and withdrawal capabilities, a feature set that has been missing from the platform and has historically limited user engagement with digital assets.
The expansion of deposit and withdrawal functionality marks a significant product shift for Webull, which has offered crypto trading but with restricted asset movement. Allowing users to move digital assets on and off the platform could position Webull more competitively against dedicated crypto exchanges and other brokerages that already offer full custody services.
Diverging Fortunes in Retail Crypto
The contrast between Webull and rival Robinhood highlights the uneven recovery in US retail crypto trading. Robinhood posted record quarterly results on July 30, but its crypto transaction revenue fell 38% year-over-year, dropping from approximately $160 million to $100 million. The decline reflects a broader cooling in retail crypto activity that has affected multiple platforms, though Robinhood’s crypto business remains substantially larger than Webull’s in absolute terms.
| Platform | Total Q2 2026 Revenue | Crypto Trading Revenue | Crypto Revenue YoY Change |
|---|---|---|---|
| Webull | $198 million | $2.25 million | Not disclosed |
| Robinhood | Record high (exact figure not specified) | $100 million | -38% |
Note: Figures are based on company disclosures and earnings releases. Webull has not disclosed year-over-year crypto revenue comparisons.
Market Context and Outlook
Webull’s momentum comes at a time of shifting retail investor engagement across major trading platforms. The company has been expanding its product suite beyond commission-free equities trading, adding features aimed at retaining users who might otherwise migrate to competitors offering more comprehensive crypto services.
The rollout of enhanced crypto capabilities could strengthen Webull’s competitive position in the months ahead, particularly if the digital asset market continues to stabilize. Denier’s characterization of improving conditions in the crypto business suggests that management sees the current period as an inflection point, even if the financial contribution from that segment remains modest.
Analysts have noted that Webull’s ability to grow revenue by more than half year-over-year, even with crypto contributing only 1%, demonstrates the resilience of its core brokerage operations. The company’s stock performance following the earnings release indicates that investors are rewarding execution in the equities and options business while viewing crypto as a potential upside catalyst rather than a current revenue driver.
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Source: finance.biggo.com